Check out the companies making headlines before the bell. Wolfspeed – Semiconductor stocks fell nearly 5% after Mizuho was downgraded from neutral to underperform. The company predicts that the price of silicon carbide, a semiconductor material used in electric vehicles, will fall by about 10 to 20% in 2025 compared to the previous year. Mizuho also noted lower EV production expectations for the second half of this year and next year. Another potential headwind for the company. Nvidia – After CEO Jensen Huang said on CNBC’s “Closing Bell: Overtime” on Wednesday that the company is seeing “insane” demand for its next-generation AI graphics processor, known as Blackwell. The AI chip giant’s stock rose more than 1%. The CEO also said Blackwell, which is scheduled to ship in the fourth quarter, is on schedule. Hims & Hers Health — The telemedicine company fell about 9% after the U.S. Food and Drug Administration said the shortage of Eli Lilly’s GLP-1 drug has been resolved. Hims & Her Health had previously developed a compound version of its weight loss drug to take advantage of the shortage. EVgo — Shares rose more than 9% after JPMorgan upgraded the electric vehicle charging company to overweight. Analyst Bill Peterson said EVgo’s occupancy rates compared to its peers and owner-operator model were catalysts. Levi Strauss — Shares plunged 12% after the denim maker lowered its full-year earnings outlook and third-quarter earnings fell short of analysts’ expectations. The company is also considering selling its unprofitable Dockers business. Constellation Brands — The beverage company rose slightly on the back of better-than-expected fiscal second-quarter profits. Constellation Brands’ earnings were $4.32 per share, beating Street estimates of $4.08 per share. However, sales were slightly lower than expected at $2.92 billion. The company also reiterated its full-year earnings per share forecast. Stellantis — The automaker fell more than 3% in the premarket after Barclays downgraded it from overweight to equal weight. “We made the wrong decision on STLA, recognized the US inventory problem too late and eroded EU/US market share,” analyst Henning Kossmann said. —CNBC’s Brian Evans, Lisa Han, Jesse Pound and Sean Conlon contributed reporting
